Disclaimer: I have read and understood this blog and thus I’ve re-written it in simple and easy to understand english so that those who are not so good at english or are just starting to take interest in these topics can easily understand. Therefore, I’ve sourced the link of the original blog incase the readers want to double check the info.
Banks are infamous for the complexness of their information and record keeping, notably due to the requirement for privacy and identification.
Nearly everything that’s done at a bank needs official records, and all those official records are to be validated, confirmed and are stored for max 7 years.
This sort of complexness needs huge amounts of your time and labor to supply accuracy and transparency.
In a recent announcement by Baoquan Technology Group hints that the technology firm is making and distributing a system for information attestation through Blockchain technology that may enable banks to validate documents in seconds instead of days.
The system would additionally offer a way of trustworthy information protection in an age full of confusion and fraud. The Thai banking system has long been playing with Blockchain technology, and currently appears to embrace it.
Baoquan additionally hinted that the technology would be created out at no cost for the people who are seeking socialised application.
The way distributed ledger system work would enable Baoquan to feature participants for document attestation, whereas not requiring a very massive initial investment.
The company appears to be concentrating on adding users, instead of charging a premium for the service.
Whether this can be merely a selling trick or not, the offer shows that the banking world is starting to genuinely perceive the ability of the Blockchain technology for monetary applications.
Source : cointelegraph